Exam (elaborations)
FAC1602 ASSIGNMENT 2
- Institution
- University Of South Africa (Unisa)
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4/15/23, 1:08 PM Assessment 2 (page 1 of 6)MENU
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Question 1
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Which of the following statements is correct?
A. Past financial performance indicators such as total comprehensive income in respect of previous financial periods, are ordinarily used
to determine goodwill.
B. Goodwill is excluded in the calculation when determining the fair value of a partnership.
C. The selling price of a partnership is determined by the cost price of the partnership.
D. When revaluing an asset or liability in terms of a change in ownership structure, the current account is used. The current account is
then closed off to the accounts of the existing partners according to their existing profit-sharing ratio.
E. A personal transaction is a transaction that is made between an existing partner and the partnership of the business entity.
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,4/15/23, 1:09 PM Assessment 2 (page 2 of 6)
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Question 2
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Vogel and Mazibuko are in a mining partnership with a profit-sharing ratio of 1:3 respectively. A new partnership was formed by admitting
Malikane. A 1/6 share in the profits/loss of the new partnership was obtained by Malikane. Vogel and Mazibuko agreed to relinquish the 1/6
share according to their previous profit-sharing ratio of 1:3. The new profit-sharing ratio is:
A. 8:16:5
B. 7:18:6
C. 3:13:2
D. 1:3:6
E. 5:15:4
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, 4/15/23, 1:09 PM Assessment 2 (page 3 of 6)
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Question 3
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Which of the following statements is incorrect:
A. Goodwill is a non-current tangible asset in the statement of financial position.
B. Goodwill is subsequently measured at cost less impairment
C. Goodwill is an asset representing the future economic benefits arising from other assets that are not capable of being individually
identified and separately recognised.
D. A transferral account is used to close off the accounting records of the existing partnership.
E. The change in the ownership structure of a partnership can be accomplished using two accounting procedures based on two distinct
perspectives namely the legal and the going-concern perspective.
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Question 4
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Which of the following statement(s) is/are correct:
A. If a current account has a debit balance when closing, the journal entry would be to debit the current account and credit the capital
account.
B. A retired or deceased partner does not receive a share of the revaluation surplus account according to the profit-sharing ratio.
C. When admitting a new partner, the accounts to be disclosed in the statement of financial position are closed off to a transferral
account.
D. In the case of a retired/deceased partner, the capital account of the aforementioned partner is closed off to the transferral account.
E. All of the above statements are correct.
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